The Ethereum MetaMask wallet now allows instant bank-to-cryptocurrency transfers. Specifically, the Metamask wallet will allow its users to more easily transform fiat into cryptocurrencies. MetaMask users will now be able to fund their cryptocurrency wallets via bank transfer instantly.
How the payment system works
Instant transfers are considered better than other methods according to ConsenSys, the company behind Metamask. In comparison, going through a cryptocurrency exchange or paying with a credit card may be less flexible. This is because these methods can have monetary limits or result in declined transactions. With the new MetaMask integration, users will be able to convert their money up to a maximum of $ 3,000 in daily transactions.
The website provides a little more context – the homepage boasts that the developers have ” built the fraud prevention and compliance infrastructure that helped scale Coinbase and Revolut It also mentions that its technology is capable of detecting 300% more fraud than other providers. Finally, users would suffer 90% less identity theft than other platforms.
A discussion on safety
Sure, instant conversions and purchases can raise security questions. Some believe this method would potentially increase the risk of fraud or other illegal activities. In his announcement on Twitter, Metamask explains that this payment system allows you to fight fraud without, however, specifying how. The startup appears confident in its ability to prevent and tackle fraud. He promises to take full responsibility for any chargebacks or returns for other corporate customers who use his services.
It is also well supported. Last month, Sardine raised $ 51.5 million in its Series B funding round, with Andreessen Horowitz at the helm. Sardine is the platform that allows this payment system. That said, it is unclear what responsibilities apply to MetaMask users when transferring money with Sardine. It is also unclear whether Sardine will be able to detect fraud on the cryptocurrency wallet. For example, in the event that a hacker manages to obtain the private key of a wallet and deposit funds from the linked bank account.
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To the angelism of the intercessors of the current monetary system I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.